Velocity in the country of Shem is always stable. In 2002, the money supply was $200 billion, and the GDP price deflator was four times as high as it was in the base year. In 2003, the money supply increased to $240 billion, the price level increased by 15 percent, and nominal GDP equalled $1,200 billion. By how much did real GDP increase between 2002 and 2003?

a) About 20 percent b) About 5 percent c) About 2 percent d) There is not enough information to answer the question.

answer B

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